HB 1208 Summary

• Establishes the Homeless Services Special Fund to receive 10% of conveyance tax collections and fund homeless services and supportive housing programs.

• Increases conveyance tax rates for properties over $6 million (ranging from $1.10 to $6.00 per $100 of value) and establishes new rates for multifamily residential properties (ranging from 10 cents to $2.00 per $100).

• Creates new conveyance tax exemptions for properties conveyed to affordable housing organizations with perpetual affordability requirements, certain nonprofits for conservation purposes, and owner-occupants or renter-occupants with no other real property ownership.

• Allocates collected conveyance taxes to: 8% to Land Conservation Fund, 38% to Rental Housing Revolving Fund, 8% to Affordable Homeownership Revolving Fund, 8% to Homeless Services Special Fund, and 8% to Dwelling Unit Revolving Fund.

• Allows counties to apply for matching funds from the Affordable Homeownership Revolving Fund for housing projects with perpetual affordability deed restrictions if they have approved comprehensive affordable housing plans.